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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 29, 2025

Planet Labs PBC
(Exact name of registrant as specified in its charter)

Delaware
001-40166
85-4299396
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
645 Harrison Street, Floor 4
San Francisco, California
94107
(Address of principal executive offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code: (415) 829-3313

N/A
(Former Name or Former Address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR     240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Class A common stock, $0.0001 par value per share
PL
New York Stock Exchange
Warrants, each warrant exercisable for one share of common stock, each at an exercise price of $11.50 per share
PLWS
New York Stock Exchange



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐


Item 7.01 Regulation FD Disclosure.

On January 29, 2025, Planet Labs PBC (the “Company”) issued a press release announcing the entrance into a commercial agreement. The press release also announced that the Company’s entry into the agreement does not change the Company’s previously issued fourth quarter financial guidance, which the Company provided in an earnings release furnished as Exhibit 99.1 to the Current Report on Form 8-K filed with the Securities Exchange Commission on December 9, 2024. A copy of the press release relating to the commercial agreement is attached as Exhibit 99.1.

The information furnished in this Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01    Financial Statements and Exhibits
(d) Exhibits
Exhibit Number
Exhibit Description
99.1
104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Planet Labs PBC
Date: January 29, 2025
By:
/s/ Ashley Johnson
Ashley Johnson
President and Chief Financial Officer



Exhibit 99.1
Planet Signs $230 Million Commercial Agreement for Pelican Satellites
Supports Increased High Resolution Capacity for Customers Around the World
Strengthens Planet’s Financial Position for FY’26 and Beyond
SAN FRANCISCO – January 29, 2025 – Planet Labs PBC (NYSE: PL), a leading provider of daily data and insights about Earth, today announced the signing of a multi-year $230 million agreement to expand its partnership with a long-standing, Asia-Pacific commercial partner. Pursuant to the agreement, Planet will build and deliver a constellation of new Pelican high resolution satellites, securing certain capacity on the satellites for the partner, in addition to providing operational services. Planet will leverage the increased capacity of the expanded fleet to serve its own government and commercial customers around the world.
“This agreement represents a significant milestone for Planet, it is our largest contract to date, and is a major step forward in what we see as a very large market opportunity for satellite services,” said Will Marshall, Planet’s CEO and Co-founder. “These types of partnerships are a win-win: our partners gain critical satellite capabilities and priority access to leading-edge technology, while they help Planet accelerate key space programs and create synergistic benefits for all our customers. We are strategically pursuing a select number of similar opportunities, spanning our Pelican, Tanager and SuperDove satellites across the defense and intelligence, civil government, and commercial sectors.”
“Today’s announcement builds on Planet’s ability to leverage its advanced space systems capabilities and IP to create unique value for partners,” said James Mason, Planet’s Chief Space Officer. “Our trusted partners have long expressed interest in our proprietary space systems technology and we’re proud to be able to fulfill their needs with our satellites and services. Our vertical integration and agile aerospace capabilities enable us to scale to customer and partner demand.”
Planet expects to recognize the $230 million of commercial payments from the partner as revenue over the build and operational service period of the satellites, which is estimated to be approximately seven years. Today’s announcement does not change Planet’s previously issued fourth quarter financial guidance provided as part of the Company’s December 9, 2024, earnings release.
“As shared on our prior earnings calls, we view these types of opportunities as highly strategic, enabling us to provide a differentiated capability for key partners and strengthen our financial position without taking on dilutive capital or debt,” said Ashley Johnson, Planet’s President and Chief Financial Officer. “We expect this expanded partnership will be meaningfully cash flow accretive to Planet in FY'26, and will strengthen our balance sheet for FY'27 and beyond. We look forward to sharing more details on our next earnings call.”
This is the third strategic space systems partnership Planet has signed in the last four years. In partnership with the Carbon Mapper Coalition, Planet has built, launched and deployed Tanager, a first-of-its-kind hyperspectral satellite, which is now producing a powerful dataset for use by customers and partners across government and commercial markets. In support of NASA’s Communications Services Project (CSP), Planet is developing real-time space-to-space connectivity solutions between Pelican and partner satellites with technology demonstrations onboard Planet’s Smallsat platform in 2025
Pelican is Planet’s next generation high resolution satellite, which enables continuity and enhancements over the current SkySat fleet, including in image quality, spectral bands, imaging capacity and latency. Planet successfully launched the Pelican-2 satellite on January 14, 2025, including the latest NVIDIA GPU processor for AI on the edge and satellite to satellite communications, which are together designed to enable Planet to deliver critical data to its customers in minutes rather than hours.
Planet’s geospatial data supports a range of applications—commercial, governmental, and public benefit—in agriculture, land use, defense, insurance, and sustainability. By offering real-time insights into global events like conflicts, disasters, natural resources, and commerce, Planet enhances efforts to advance peace and security, manage resources, and create business value.

# # #


Exhibit 99.1
About Planet
Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites. Planet provides mission-critical data, advanced insights, and software solutions to over 1,000 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on X (formerly Twitter) or tune in to HBO's ‘Wild Wild Space’.
Forward-looking Statements
Certain statements contained in this press release are “forward-looking statements” about Planet within the meaning of the securities laws, including statements about Planet’s fourth quarter financial guidance, Planet’s future cash flows and balance sheets, Planet’s strategic partnerships, the expansion of the high resolution capacity of Planet’s fleet and the delivery of such capacity to Planet customers, Planet’s future growth in new and existing markets, Planet’s development of other satellites and connectivity solutions, Planet’s ability to scale to meet customer and partner demand, and Planet’s ability to deliver value on its purpose as a public benefit corporation. Such statements, which are not of historical fact, involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in Planet’s filings with the Securities and Exchange Commission. Planet does not undertake an obligation to update its forward-looking statements to reflect future events, except as required by applicable law.

Contacts
Planet Press
Claire Bentley Dale
comms@planet.com

Planet Investor Relations
Chris Genualdi, Cleo Palmer-Poroner
ir@Planet.com

v3.24.4
Cover
Jan. 29, 2025
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 29, 2025
Entity Registrant Name Planet Labs PBC
Entity Incorporation, State or Country Code DE
Entity File Number 001-40166
Entity Tax Identification Number 85-4299396
Entity Address, Address Line One 645 Harrison Street
Entity Address, Address Line Two Floor 4
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94107
City Area Code 415
Local Phone Number 829-3313
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001836833
Amendment Flag false
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Class A common stock, $0.0001 par value per share
Trading Symbol PL
Security Exchange Name NYSE
Warrant  
Document Information [Line Items]  
Title of 12(b) Security Warrants, each warrant exercisable for one share of common stock, each at an exercise price of $11.50 per share
Trading Symbol PLWS
Security Exchange Name NYSE
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